Joggers in Shanghai, China, on April 10, 2021.
Qilai Shen | Bloomberg | Getty Images
Asian markets were set to open mixed Monday as investors digested the downbeat economic data from China released over the weekend, while several key markets were closed for holidays.
Investors also await the Federal Reserve’s policy meeting on Tuesday and Wednesday where the central bankers are expected to make their first interest rate cut since 2020.
China released a slew of worrying economic data, with August factory output, retail sales and investment numbers missing expectations. Urban jobless rate rose to a six-month high while year-on-year home prices fell at the fastest pace in nine years.
Markets in mainland China and South Korea were closed for Mid-Autumn festival. Japan markets were closed for Respect for the Aged Day.
Reaction to China’s disappointing economic data will be likely seen in the Hong Kong market. Hong Kong’s Hang Seng index futures were at 17,348, slightly lower than the HSI’s last close of 17,369.09.
Typhoon Bebinca has led to cancellation of hundreds of flights in China and Shanghai is expected to be hit by the strongest storm since 1949.
Australia’s S&P/ASX 200 rose 0.44% on open.
After a rough start to a historically weak September, the three major U.S. indexes ended last week’s trading session in the green, with the S&P 500 and tech-heavy Nasdaq Composite closing their best week of 2024.
The broad-based S&P 500 index advanced 0.54% to close at 5,626.02 and the Nasdaq Composite added 0.65% to 17,683.98 while the Dow Jones Industrial Average jumped 0.72% to close at 41,393.78.
—CNBC’s Pia Singh contributed to this report.